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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Vietnam Hospitality Market Size
The Vietnam hospitality market reached approximately USD 6.19 billion in 2023. The market is projected to grow at a CAGR of 12.3% between 2024 and 2032, reaching a value of around USD 17.59 billion by 2032.
| Vietnam Hospitality Market Report Summary | Description | Value |
| Base Year | USD Billion | 2023 |
| Historical Period | USD Billion | 2018-2023 |
| Forecast Period | USD Billion | 2024-2032 |
| Market Size 2023 | USD Billion | 6.19 |
| Market Size 2032 | USD Billion | 17.59 |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 12.3% |
| CAGR 2024-2032 - Market by Segment | Service Apartments | 14.0% |
| CAGR 2024-2032 - Market by Type | Chain Hotels | 14.2% |
| CAGR 2024-2032 - Market by Region | Southeast | 13.5% |
| 2023 Market Share by Region | Mekong River Delta | 12.9% |
Vietnam Hospitality Market Outlook
- According to the 2024 Economic Impact Research (EIR) by the World Travel & Tourism Council (WTTC), Vietnam's Travel and Tourism sector is projected to contribute a historic 770.8 TN dong to the country's economy in 2024.
- The tourism sector aims to draw in 35 million international visitors and 160 million domestic visitors by the year 2030.
- By 2024, the goal for tourism in Vietnam is to attract 18 million international tourists and 110 million domestic visitors, generating total revenues of 850 trillion dong.
Vietnam Hospitality Market Report Snapshots
Vietnam Hospitality Market Size
Vietnam Hospitality Market Growth
Vietnam Hospitality Market Share
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 6.19 billion.
The market is estimated to grow at a CAGR of 12.3% between 2024 and 2032.
The market is estimated to witness a healthy growth during 2024-2032 to reach around USD 17.59 billion by 2032.
The market is being driven by rising disposable income, rapid urbanisation, and the country’s thriving tourism sector.
The key trends aiding the hospitality market in Vietnam include rising business tourism and the emergence of smart hotel concepts.
The major regions considered in the market are Southeast, Red River Delta, Mekong River Delta, and South Central Coast, among others.
The different segments based on types include chain hotels and independent hotels.
The major players in the market are Accor S.A., Vingroup JSC (Vinpearl), InterContinental Hotels Group PLC, Marriott International, Inc., Muong Thanh Hospitality, Diamond Bay Resort & Spa, A25 Hotel Group, H&K Hospitality, The Ascott Limited, and Hilton Worldwide Holdings Inc., among others.
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